3rd Quater 2023 (unaudited)

Total revenue in the 3rd quarter in 2023 decreased by 50.2% amounting to EUR 57.5 million. The majority of the decrease was related to balancing energy revenues, which decreased by EUR 45.3 million. Compared to the 3rd quarter in 2022, the transmission volumes in electricity decreased by 6.5%, and gas transmission volumes decreased by 9.2%. Electricity transmission revenues increased by 4.2% or 0.6 million euros to 13.9 million euros, gas transmission revenues decreased by 9.2% or 0.2 million euros.

Whilst the energy prices were historically high in 2022, then in the third quarter in 2023, the electricity prices were lower and as a result, the cost for network losses in 2023 was 74.0% or 22.8 million euros lower than in the comparative period in 2022.

As a result of the additional investments, the depreciation costs increased by EUR 0.7 million in the 3rd quarter in 2023. The expenses related to balancing energy decreased in line with the respective revenues. In total the operating costs were down by 13.0% amounting to EUR 62.6 million.

As a result of changes in the interest environment, financial income increased to 0.9 million euros, and financial expenses increased by 0.1 million euros amounting to 0.8 million euros.

In total, the net loss in the 3rd quarter was euros 4.9 million euros.

The cash flow from operating activities was positive of 11.6 million euros, 44.5 million euros was invested into the non-current assets, 46.9 euros million congestion income was received. The company repaid its loans for 2.6 million euros.

The total assets of the Company stood at 1.4 billion euros. Total liabilities stood at 1.0 billion euros million and owner’s equity was 402.4 million euros.

  30.09.23 30.09.22 31.12.22

Assets
Current assets
Cash and cash equivalents 98,273 146,373 229,287
Short-term financial investments 90,000 82,000 50,000
Accounts receivables and other receivables 58,235 64,783 73,280
Inventories 21,637 22,736 22,398
Total current assets 268,145 315,892 374,965
Investment into associated company 184 168 53
Non-current assets 1,163,852 1,063,200 1,085,925
TOTAL ASSETS 1,432,181 1,379,260 1,460,943

Liabilities
Current liabilities
Borrowings 10,583 10,623 237,265
Trade and other payables 102,443 75,092 70,906
Total current liabilities 113,026 85,715 308,171
Non-current liabilities
Borrowings 68,826 304,304 76,759
Other non-current liabilities 847,945 627,313 676,511
Total non-current liabilities 916,771 931,617 753,270
TOTAL LIABILITIES 1,029,797 1,017,332 1,061,441

Equity
Share capital 229,890 229,890 229,890
Statutory reserve 18,721 17,850 151,762
Retained earnings 153,773 114,188 151,762
TOTAL OWNER’S EQUITY 402,384 361,928 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,432,181 1,379,260 1,460,943

 

In EUR thousands

  3rd Quarter January-september Year
2023 2022 2023 2022 2022
Net sales 55,038 113,557 175,345 248,919 386,975
Other income 2,434 1,884 6,822 5,778 7,589
Staff costs 3,115 2,827 10,434 9,472 13,304
Depreciation and amortisation 12,373 11,687 37,788 35,460 47,675
Other operating expenses 36 10 238 28 62
OPERATING PROFIT -5,107 -9,466 18,152 -18,556 19,861
Financial income 930 112 3,260 162 197
Financial expenses 755 619 2,690 1,767 2,644
PROFIT BEFORE TAX -4,932 -9,973 18,722 -20,161 17,414
Income tax 0 0 2,340 0 0
NET PROFIT -4,932 -9,973 16,382 -20,161 17,414
 

In EUR thousands

  3rd Quarter January-september Year
2023 2022 2023 2022 2022

Cash flows from operating activities
Profit/loss before income tax -4,932 -9,973 18,723 -20,160 17,414
Adjustments for
Depreciation, amortisation and impairment 12,373 11,687 37,788 35,460 47,675
Change in current assets involved in operating activities -2,835 -15,369 16,741 -6,107 -18,740
Change in liabilities involved in operating activities 1,776 -12,122 2,536 -4,285 14,775
Paid interest -815 165 -3,702 -1,999 -2,056
Income tax on dividends -2,340 0 -2,340 -1,628 -1,628
Other adjustments 8,383 -14,341 53,523 -10,618 17,645
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 11,610 -39,953 123,269 -9,337 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -44,518 -28,881 -106,395 -80,964 -117,753
Foreign grants for acquisition of non-current assets 25,162 27,503 38,507 41,085 60,838
Net change in deposits at banks with maturity of more than 3 months -50,000 -15,000 -40,000 -40,000 -8,000
Proceeds from congestion income 46,865 102,276 99,941 180,877 167,009
Investments in an affiliate 0 0 0 -45 -45
Proceeds from sale of property, plant and equipment 0 3 127 30 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES -22,491 85,901 -7,820 100,983 102,163

Cash flows from financing activities
Bonds repayment 0 0 -225,000 0 0
Repayment of bank loans -2,637 -2,637 -7,916 -7,916 -10,558
Repayable finance lease liabilities -15 -10 -47 -25 -71
Contribution to share capital 0 0 -13,500 0 0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,652 -2,647 -246,463 -7,941 -10,629
 
Change in cash and cash equivalents -13,533 43,301 -131,014 83,705 166,619
Cash and cash equivalents at the beginning of the quarter 111,806 103,072 229,287 62,668 62,668
Cash and cash equivalents at the end of the quarter 98,273 146,373 98,273 146,373 229,287
  30.09.23 30.09.22 31.12.22

Assets
Current assets
Cash and cash equivalents 98,273 146,373 229,287
Short-term financial investments 90,000 82,000 50,000
Accounts receivables and other receivables 58,235 64,783 73,280
Inventories 21,637 22,736 22,398
Total current assets 268,145 315,892 374,965
Investment into associated company 184 168 53
Non-current assets 1,163,852 1,063,200 1,085,925
TOTAL ASSETS 1,432,181 1,379,260 1,460,943

Liabilities
Current liabilities
Borrowings 10,583 10,623 237,265
Trade and other payables 102,443 75,092 70,906
Total current liabilities 113,026 85,715 308,171
Non-current liabilities
Borrowings 68,826 304,304 76,759
Other non-current liabilities 847,945 627,313 676,511
Total non-current liabilities 916,771 931,617 753,270
TOTAL LIABILITIES 1,029,797 1,017,332 1,061,441

Equity
Share capital 229,890 229,890 229,890
Statutory reserve 18,721 17,850 151,762
Retained earnings 153,773 114,188 151,762
TOTAL OWNER’S EQUITY 402,384 361,928 399,502
TOTAL LIABILITIES AND OWNER’S EQUITY 1,432,181 1,379,260 1,460,943

 

In EUR thousands

  3rd Quarter January-september Year
2023 2022 2023 2022 2022
Net sales 55,038 113,557 175,345 248,919 386,975
Other income 2,434 1,884 6,822 5,778 7,589
Staff costs 3,115 2,827 10,434 9,472 13,304
Depreciation and amortisation 12,373 11,687 37,788 35,460 47,675
Other operating expenses 36 10 238 28 62
OPERATING PROFIT -5,107 -9,466 18,152 -18,556 19,861
Financial income 930 112 3,260 162 197
Financial expenses 755 619 2,690 1,767 2,644
PROFIT BEFORE TAX -4,932 -9,973 18,722 -20,161 17,414
Income tax 0 0 2,340 0 0
NET PROFIT -4,932 -9,973 16,382 -20,161 17,414
 

In EUR thousands

  3rd Quarter January-september Year
2023 2022 2023 2022 2022

Cash flows from operating activities
Profit/loss before income tax -4,932 -9,973 18,723 -20,160 17,414
Adjustments for
Depreciation, amortisation and impairment 12,373 11,687 37,788 35,460 47,675
Change in current assets involved in operating activities -2,835 -15,369 16,741 -6,107 -18,740
Change in liabilities involved in operating activities 1,776 -12,122 2,536 -4,285 14,775
Paid interest -815 165 -3,702 -1,999 -2,056
Income tax on dividends -2,340 0 -2,340 -1,628 -1,628
Other adjustments 8,383 -14,341 53,523 -10,618 17,645
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 11,610 -39,953 123,269 -9,337 75,085

Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets -44,518 -28,881 -106,395 -80,964 -117,753
Foreign grants for acquisition of non-current assets 25,162 27,503 38,507 41,085 60,838
Net change in deposits at banks with maturity of more than 3 months -50,000 -15,000 -40,000 -40,000 -8,000
Proceeds from congestion income 46,865 102,276 99,941 180,877 167,009
Investments in an affiliate 0 0 0 -45 -45
Proceeds from sale of property, plant and equipment 0 3 127 30 114
CASH FLOWS USED IN INVESTMENT ACTIVITIES -22,491 85,901 -7,820 100,983 102,163

Cash flows from financing activities
Bonds repayment 0 0 -225,000 0 0
Repayment of bank loans -2,637 -2,637 -7,916 -7,916 -10,558
Repayable finance lease liabilities -15 -10 -47 -25 -71
Contribution to share capital 0 0 -13,500 0 0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES -2,652 -2,647 -246,463 -7,941 -10,629
 
Change in cash and cash equivalents -13,533 43,301 -131,014 83,705 166,619
Cash and cash equivalents at the beginning of the quarter 111,806 103,072 229,287 62,668 62,668
Cash and cash equivalents at the end of the quarter 98,273 146,373 98,273 146,373 229,287